EUR/JPY Bulls Struggle to Move above 133.70 Resistance Area

#OPINIONLEADER# #Signal#

ByLCMS Traders FX Analysis Team

 JUN 10, 2021

EUR/JPY bulls have been unable to a momentum beyond the 133.60 area. The pair is currently trading 0.21% lower to 133.20. The intraday support levels are at 133.00 and 132.82. The near-term resistance areas are at 133.40 and 133.75.

On the intraday charts, the pair is keeping below the SMA-14 which is at 133.44 while the SMA-50 is indicating support way below at 131.83. The mid-Bollinger band is at 133.26, the upper and lower bands are at 134.09 and 132.43 respectively. The RSI is at 55 and has a downwards curve. Although the prevailing uptrend is still intact but following the nearby resistance area and considering the 4-hourly price pattern the pair is ideal to sell at the following levels.

Direction: Sell

Entry: 133.40

Take Profit: 132.85

Stop-Loss: 133.75

On the flip side, a drop to 132.60 can also be taken for a buy entry at the following levels

Direction: Buy

Entry: 132.60

Take Profit: 133.00

Stop-Loss: 132.30

The 133.70 is acting as a major resistance area and only a clear breach above this level would fuel further higher rallies. On the downside, bears require a sustained price action below 132.60 to gain further control.